S-29.01 - Act respecting trust companies and savings companies

Section 15 Disposition versions

2004-12-17

15. The company shall not be incorporated unless the petitioners show that

(1)  the common shareholders’ equity is at least $3,000,000 in the case of a savings company, and at least $5,000,000 in the case of a trust company, or at least $3,000,000 if it is provided that power to receive deposits will be explicitly excluded from its instrument of incorporation;

(2)   the subscription price of the common shares has been paid in cash which has been deposited in trust in Québec in a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46) or an institution registered with the Autorité des marchés financiers pursuant to the Deposit Insurance Act (chapter A‐26), to the account of the company;

(3)  it is expedient, for the convenience of the public, that a company be established in the locality where the head office of the proposed company will be situated;

(4)  each petitioner and each proposed director or officer is fit as to character and competence in view of the proposed activities;

(5)  the project is financially feasible;

(6)  the proposed activities will be carried on within a reasonable time.

1987, c. 95, s. 15; 2002, c. 45, s. 569; 2004, c. 37, s. 90.

2004-02-01

15. The company shall not be incorporated unless the petitioners show that

(1)  the common shareholders’ equity is at least $3 000 000 in the case of a savings company, and at least $5 000 000 in the case of a trust company, or at least $3 000 000 if it is provided that power to receive deposits will be explicitly excluded from its instrument of incorporation;

(2)   the subscription price of the common shares has been paid in cash which has been deposited in trust in Québec in a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46) or an institution registered with the Agence nationale d’encadrement du secteur financier pursuant to the Deposit Insurance Act (chapter A-26), to the account of the company;

(3)  it is expedient, for the convenience of the public, that a company be established in the locality where the head office of the proposed company will be situated;

(4)  each petitioner and each proposed director or officer is fit as to character and competence in view of the proposed activities;

(5)  the project is financially feasible;

(6)  the proposed activities will be carried on within a reasonable time.

1987, c. 95, s. 15; 2002, c. 45, s. 569.

2002-12-11

15. The company shall not be incorporated unless the petitioners show that

(1)  the common shareholders’ equity is at least $3 000 000 in the case of a savings company, and at least $5 000 000 in the case of a trust company, or at least $3 000 000 if it is provided that power to receive deposits will be explicitly excluded from its instrument of incorporation;

(2)   the subscription price of the common shares has been paid in cash which has been deposited in trust in Québec in a bank or an authorized foreign bank listed in Schedule I, II or III to the Bank Act (Statutes of Canada, 1991, chapter 46) or an institution registered with the Régie de l’assurance-dépôts du Québec, to the account of the company;

(3)  it is expedient, for the convenience of the public, that a company be established in the locality where the head office of the proposed company will be situated;

(4)  each petitioner and each proposed director or officer is fit as to character and competence in view of the proposed activities;

(5)  the project is financially feasible;

(6)  the proposed activities will be carried on within a reasonable time.

1987, c. 95, s. 15; 2002, c. 45, s. 569.

1988-06-09

15. The company shall not be incorporated unless the petitioners show that

(1)  the common shareholders’ equity is at least $3 000 000 in the case of a savings company, and at least $5 000 000 in the case of a trust company, or at least $3 000 000 if it is provided that power to receive deposits will be explicitly excluded from its instrument of incorporation;

(2)  the subscription price of the common shares has been paid in cash which has been deposited in trust in Québec in a bank or an institution registered with the Régie de l’assurance-dépôts du Québec, to the account of the company;

(3)  it is expedient, for the convenience of the public, that a company be established in the locality where the head office of the proposed company will be situated;

(4)  each petitioner and each proposed director or officer is fit as to character and competence in view of the proposed activities;

(5)  the project is financially feasible;

(6)  the proposed activities will be carried on within a reasonable time.

1987, c. 95, s. 15.